Former loan manager arrested on felony racketeering charge

CURRENT-ARGUS
Jennifer Echavarria, 26, of Carlsbad was arrested Thuresday on several felony charges related to racketeering and embezzelment of funds from Noble Finance. (null)

CARLSBAD>> A former manager of Noble Finance was arrested on several felony charges Thursday. Police say Jennifer Echavarria, 26, of Carlsbad, is suspected of pocketing money deposited by as many as 35 customers of Noble Finance, where she worked as the loan manager.

Echavarria was arrested Thursday night at her home on one count of felony racketeering, 20 counts of forgery, five counts of fraud and 30 counts of embezzlement. Echavarria has been remanded to the Eddy County Detention Center with bond set at $50,000.

Carlsbad Police Department began an investigation in July in response to accusations of fraud and embezzlement after an internal audit revealed discrepancies in customer accounts.

According to the police department, 35 victims have been identified and investigators expect more to come forward.

Echavarria is suspected of pocketing cash deposits and generating unauthorized loans in customers' names during the months of June and July. It is believed she embezzled more than $7,000 of customer funds, and she issued them hand-written receipts.

Echavarria did not offer a statement to Carlsbad police detectives after her arrest. She is being represented by the Boyea Law Firm.

Anyone who believes they may have been a victim should contact Crime Stoppers of Eddy County at (575) 887-1888.

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